Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results and Quarterly Dividends

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)



















Fiscal Quarter Ended


Fiscal Year Ended



November 1,


August 2,


November 3,


November 1,


November 3,



2020


2020


2019


2020


2019

Cash flows from operating activities:
















Net income


$

1,324


$

688


$

847


$

2,960


$

2,724

Adjustments to reconcile net income to net cash provided by operating activities:















  Amortization of intangible and right-of-use assets



1,589



1,581



1,309



6,335



5,239

  Depreciation



139



138



143



570



569

  Stock-based compensation



449



465



544



1,976



2,185

  Deferred taxes and other non-cash taxes



(459)



(436)



(226)



(1,142)



(934)

  Loss on debt extinguishment included in interest expense



16



55



26



169



28

  Non-cash restructuring, impairment and disposal charges



12



15



20



44



133

  Non-cash interest expense



25



22



19



108



69

  Other



(9)



(54)



(49)



(52)



(132)

  Changes in assets and liabilities, net of acquisitions and disposals:
















    Trade accounts receivable, net



391



542



285



981



486

    Inventory



67



(128)



217



(31)



250

    Accounts payable



(230)



(123)



(147)



(3)



(42)

    Employee compensation and benefits



142



231



66



217



(294)

    Other current assets and current liabilities



(131)



(2)



(398)



331



(283)

    Other long-term assets and long-term liabilities



23



184



(177)



(402)



(301)

Net cash provided by operating activities



3,348



3,178



2,479



12,061



9,697

















Cash flows from investing activities:
















  Acquisitions of businesses, net of cash acquired



-



(2)



-



(10,872)



(16,033)

  Proceeds from sales of businesses



-



50



-



218



957

  Purchases of property, plant and equipment



(102)



(105)



(96)



(463)



(432)

  Proceeds from disposals of property, plant and equipment



2



10



6



12



88

  Other



-



1



2



(4)



(2)

Net cash used in investing activities



(100)



(46)



(88)



(11,109)



(15,422)

















Cash flows from financing activities:
















  Proceeds from long-term borrowings



-



7,953



-



27,802



28,793

  Repayment of debt



(3,000)



(6,825)



(4,800)



(18,814)



(16,800)

  Other borrowings, net



-



(3,028)



(104)



(1,285)



1,241

  Payment of dividends



(1,395)



(1,386)



(1,054)



(5,534)



(4,235)

  Repurchases of common stock - repurchase program



-



-



(433)



-



(5,435)

  Shares repurchased for tax withholdings on vesting of equity awards



(185)



(192)



(154)



(765)



(972)

  Issuance of preferred stock, net



-



-



3,679



-



3,679

  Issuance of common stock



102



46



59



276



253

  Other



(9)



(50)



9



(69)



(36)

Net cash provided by (used in) financing activities



(4,487)



(3,482)



(2,798)



1,611



6,488

















Net change in cash and cash equivalents



(1,239)



(350)



(407)



2,563



763

Cash and cash equivalents at beginning of period



8,857



9,207



5,462



5,055



4,292

Cash and cash equivalents at end of period


$

7,618


$

8,857


$

5,055


$

7,618


$

5,055

















Supplemental disclosure of cash flow information:
















Cash paid for interest


$

383


$

269


$

307


$

1,408


$

1,287

Cash paid for income taxes


$

202


$

44


$

123


$

501


$

741


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